CHICAGO – March 28, 2017 – Associated Bank announces loans totaling more than $25 million to two developers for the acquisition and construction of two Illinois warehouse/distribution centers.
The first loan of $13,618,000 to DPIF IL 3 University Park LLC is for the acquisition of a 455,870 sq. ft. warehouse/distribution center at 425 University Crossing Drive in University Park, Illinois by Dermody Properties. Founded in 1960, Dermody Properties is a privately owned industrial real estate investment, development and management firm specializing in the acquisition and development of strategically located industrial real estate for internet fulfillment centers, manufacturing, distribution, third party logistics, and food packaging and distribution.
The second loan is $11,690,000 for Paulina South, LLC, a joint venture between Wanxiang America Real Estate Group and Clarius Partners to build a 156,000 sq. ft. warehouse/distribution center for Vega Properties, LTD, at 2420 S. Wood Street, Chicago. Wanxiang America Real Estate Group is a real estate investment firm specializing in opportunistic and value-add real estate. Clarius Partners is a full-service real estate investment and development company managing select office, medical, industrial and land development projects.
Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed the loan and closing.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $29 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com
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